Good report. Board and management have executed really well for the past FY. Only slightly bitter taste is no buyback. Clearly MLX itself is the most attractive tin asset around. Why not buy some of that with the immense cash hoard? Only good reason not to buy back shares at current prices is if you think they’re going much lower and you buy then …
On macro front MLX likely has to weather some storms. Tin price could be depressed for much longer. Europe is systematically driving itself into a wall. US has signs of slowing and China seemingly cannot get its act together either, still holding on to failed Zero Covid strategy, while battling a real estate market meltdown.
I’d be happy if MLX can average 10mn cash profit a quarter for next 12 months …
MLX Price at posting:
28.5¢ Sentiment: Hold Disclosure: Held
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